Corient Private Wealth LP Trims Stock Holdings in Fastenal Company $FAST

Corient Private Wealth LP reduced its stake in shares of Fastenal Company (NASDAQ:FAST) by 2.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 959,652 shares of the company’s stock after selling 28,693 shares during the period. Corient Private Wealth LP owned 0.08% of Fastenal worth $46,092,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Ausdal Financial Partners Inc. raised its stake in Fastenal by 2.9% during the 2nd quarter. Ausdal Financial Partners Inc. now owns 8,406 shares of the company’s stock worth $404,000 after acquiring an additional 239 shares during the period. Windsor Advisory Group LLC bought a new position in shares of Fastenal in the second quarter worth approximately $224,000. Caisse de depot et placement du Quebec purchased a new stake in shares of Fastenal in the second quarter worth $39,417,000. Gallagher Fiduciary Advisors LLC purchased a new stake in shares of Fastenal in the second quarter worth $362,000. Finally, Man Group plc bought a new stake in shares of Fastenal during the 2nd quarter valued at $20,944,000. 81.38% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FAST has been the topic of a number of analyst reports. Wolfe Research restated an “underperform” rating and set a $47.00 target price on shares of Fastenal in a research note on Thursday, July 9th. Morgan Stanley increased their price target on Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 16th. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a report on Wednesday, July 15th. DA Davidson restated a “neutral” rating and issued a $46.00 price objective on shares of Fastenal in a research report on Wednesday, July 15th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Fastenal in a research note on Thursday, June 4th. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fastenal presently has a consensus rating of “Hold” and a consensus price target of $49.17.

Insider Activity

In other news, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total value of $147,000.00. Following the sale, the director directly owned 58,690 shares of the company’s stock, valued at approximately $2,875,810. The trade was a 4.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Rita J. Heise sold 34,964 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total value of $1,749,948.20. Following the completion of the sale, the director owned 20,000 shares in the company, valued at $1,001,000. This represents a 63.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.28% of the stock is owned by corporate insiders.

Fastenal Trading Down 0.0%

Fastenal stock opened at $51.13 on Friday. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $52.92. The firm’s 50 day moving average price is $48.38 and its 200-day moving average price is $46.48. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. The stock has a market cap of $58.67 billion, a P/E ratio of 43.33, a PEG ratio of 3.19 and a beta of 0.72.

Fastenal (NASDAQ:FAST) last issued its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.33. The firm had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. Fastenal’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.29 earnings per share. On average, equities analysts predict that Fastenal Company will post 1.26 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th were issued a dividend of $0.26 per share. This is a boost from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, July 28th. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. Fastenal’s payout ratio is currently 88.14%.

Fastenal Company Profile

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.